It’s surprising that neither Lending Club nor Prosper have their own official apps* for tracking portfolios. But it’s even more mind-boggling that a third-party hasn’t seized the opportunity to aggregate P2P lending accounts, similar to what Mint did 10 years ago for bank accounts.
LendingRobot, a platform that uses an algorithm to optimize P2P lending investments in Lending Club, Prosper, and Funding Circle, has launched a mobile app to fill the need for the $6.6 billion industry. The free app is available on iOS and Android and while it does not require users to open a LendingRobot account, it does require registration.
Lending Robot’s app will:
- Track portfolio health across three platforms
- Monitor loan repayments
- Compare loans across platforms
- Track overall performance
Emmanuel Marot, founder and CEO of the Seattle-based company, explains the move:
The fact that more than 20% of LendingRobot’s traffic is via mobile is, in itself, a great reason to have a mobile app. But the fact that not a single one of the major peer-lending platforms offers a mobile app leaves a lot of room for LendingRobot not only to meet the needs of our customers, but also become a daily part of any investors’ monitoring of their own investments.
LendingRobot debuted its platform, described as a “robo-adviser for P2P lending,” at FinovateSpring 2014. Its algorithm invests clients’s money across different loans, constantly adjusts the portfolio based on loans available, and automatically reinvests dividends. The company will manage up to $5,000 for free and any amount beyond that for 0.45% per year.
Founded in 2012, LendingRobot has 7 employees. It has raised $3 million from Runa Capital and angel investors.
*Both Lending Club and Prosper have mobile-optimized sites, so mobile-account management isn’t completely overlooked. Also, Prosper launched its official mobile app in March, but it is a re-brand of the recently acquired BillGuard app and does not track P2P investment performance.